New Delhi, July 3 -- DUBAI - When Mohamed Al Hussaini opened the subscription window on the UAE's first sovereign retail sukuk, the Finance Ministry had sized the programme at Dh50 million. Within days, it had Dh445 million in orders.

retail investors across the Emirates, many buying government debt for the first time, wanted nine times what the sovereign offered.

Of the subscribers who participated, 72 percent were UAE nationals. Retail investors accounted for 76 percent of the total. Combined, women and investors under the age of 25 made up 45 percent of subscribers, a demographic split the Finance Ministry cited alongside the oversubscription figure as evidence the programme had reached exactly the audience it intended.

Sukuk are Is...